A significant portion of American millionaires own cryptocurrency, according to recent research by The Motley Fool. The study found that 68% of millionaire investors have invested in various digital assets.
Bitcoin and Ethereum are the most popular choices among crypto-owning millionaires, with nearly 60% holding Bitcoin and 55% holding Ethereum. However, a surprising number of millionaires also hold meme coins like Dogecoin and Shiba Inu, with 48% and 33% respectively.
The research highlights the potential for strong returns as the main reason for investing in cryptocurrency. Millionaires are also using crypto as a hedge against inflation and a safe store of value.